If your displaced, put on salary continuation, are you still able to contribute to 401 through the salary continuation period ? If yes, do they continue to match ? Same for medical, does that continue ? Or are you forced to do cobra ?
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Being Displaced is the same thing as getting laid off. You will not get the match for the entire year if u leave, get laid off or fired before Dec31 starting next year.
Ok, but what if you’re displaced?
: @2aik+185QcuQ2. Starting next year, Company will only match one time payment at the end of the year(Dec 31, 2021). So if you get let go or leave before Dec 31, Company will not match anything that you contributed from Jan 1st till the day you are let go.
I was laid off in 2015. I was able to contribute during my working notice period, with company match. But once on continuation salary, I could not contribute. My advice, and if one can afford it, is to bump up your 401k contribution to the max if you are on working notice. That way you can take advantage of the tax savings.
What about having your spouse on your insurance ? Is that still available ?
Benefits book pg 14-9 under "Nature of Benefits"
@nfx+185QcuQ2 is correct all benefits except not able to contribute to 401K once on salary continuation but still can contribute during 60 day notice period. Also no disability insurance coverage
You can still contribute but they will not match you. Good Luck!
You retain your Wells Fargo insurance benefits during salary continuation. You are not able to contribute to the WF 401k. Speaking from first hand experience.
Cobra doesn’t start until salary continuation has ended. So your cost of insurance is the same as if you were still working. Not sure about the 401k question but call HRWELLS- 877-479-3557.